What is the minimum drawdown amount available?
£1,000
£2,000
£5,000
What is the minimum initial sum for the Lump Sum LTM?
£10,000
£15,000
£20,000
What is the format of Hodge's reserve amounts?
Initial plus remaining available sum.
Initial plus £5,000 minimum.
Initial plus 2 x initial.
How much does Hodge charge to access their drawdown facility?
£49
£99
£0
How does Hodge charge their arrangement fee?
They can add it or deduct it or the client can pay it.
They add it.
They deduct it.
How long is the continuous period of time you are allowed to leave the property unoccupied before Hodge's conditions are breached?
3 months.
6 months.
12 months.
How long do the beneficiaries have to repay the plan after the client(s) have left the property permanently?
12 months or the beneficiaries can take over the plan if they are of qualifying age.
What is the minimum qualifying age for Hodge plans?
55
60
65
What type of ex-local authority property does Hodge generally accept?
Generally only houses
Generally houses and flats
They do not generally accept either.
What could invalidate the no negative equity guarantee?
if your home has not been kept in a good state of repair or if it was not sold at its fair market price.
if your home has not been kept in a good state of repair or If you have left your home unoccupied for more than the allowed time period.
if your home has not been kept in a good state of repair or if you become bankrupt.
How does the Hodge interest servicing option work?
Minimum of £500 and a maximum of twice per year up to a maximum of 10% per year. The first payment must be made after the first year. A standing order is mandatory.
Minimum of £500 and a maximum of twice per year up to a maximum of 10% per year. The first payment can be made during the first year. A standing order is optional.
Minimum of £500 and a maximum of twice per year up to a maximum of 10% per year. The first payment can be made after the first year. A standing order is optional.
What is the maximum early repayment charge percentage with Hodge?
15%
20%
25%
What happens if you repay a Hodge plan and the Gilt Yield is the same as at completion?
You incur a charge.
You only incur the Early Release Fee (Maximum 5%).
Hodge only use Swap Rates.
When is the early release fee applicable?
Only when moving house.
Only when staying in your home and repaying the loan.
Only If repaid within the first 5 years
What is the minimum initial sum allowed for the Hodge Drawdown LTM?
£15,000 initial plus £5,000 reserve.
£20,000 initial plus balance of available monies
£10,000 plus £5,000 reserve.
